Business
Resource Statement
Resource Statement.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n08 January 2007\n\n\n\n GRIFFIN MINING LIMITED\n 60 St James's Street, London SW1A 1LE, United Kingdom\n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n E mail: [email protected]\n\n\n 8th January 2007\n\n\n SUBSTANTIAL REVISED JORC MINERAL RESOURCE FOR ZONE III AT CAIJIAYING\n\n\n INCREASE\n 1.2 TO 3.0 MILLION TONNES OF ZINC METAL\n 0.2 TO 1.6 MILLION OUNCES OF GOLD\n 13.9 TO 53.7 MILLION OUNCES OF SILVER\n\n\n\nGriffin Mining Limited ('Griffin' or the 'Company') is pleased to announce a\nsubstantial upwards resource revision following its first 18 months of\noperations at its Caijiaying Mine in the People's Republic of China. The\nresults lift the contained metal in situ from approximately 1.2 to 3.0 million\ntonnes of zinc metal, from 0.2 to 1.6 million ounces of gold and from 13.9 to\n53.7 million ounces of silver.\n\nThe Company has now completed approximately 52,700 m of underground diamond\ndrilling. The underground drilling used to re-estimate the resource covers less\nthan 15% of the entire resource area originally defined for the mining\nfeasibility study in 2002.\n\nThe updated resource figures confirm the recent announcement to increase mine\nproduction to 750,000 tonnes of ore per annum by 2008.\n\nSignificantly, the resource for silver and gold indicates that the inclusion of\na precious metals circuit will generate significant cash flows for the Company.\n\nThe 2006 Mineral Resource was estimated at a zinc cut-off of 1%. Tabled below\nis the summary of the recent up-dated 2006 Mineral Resource for the grade\ncontrol drilled mine area plus the 2002 Mineral Resource for the non grade\ncontrol drilled mine area at both a 1% and 4% cut-off grade. The aggregate\nresource is calculated by adding both the 2006 and 2002 resource estimates at a\n1% cut-off grade.\n\n\n Micromine 2002 Mineral Resource Estimate (Non Grade Control Drilling)\n Category Cut Tonnes Metal Grade Contained Metal\n -off Millions Zinc % Gold g/t Silver g/t Zinc million Gold million Silver\n tonnes Oz million Oz\n Indicated 1% 40.32 4.3 0.7 20 1.67 0.95 29.53\n Inferred 1% 34.29 2.9 0.5 13 0.93 0.56 18.25\n Total 1% 74.60 3.6 0.6 17 2.60 1.51 47.78\n\n Indicated 4% 13.72 7.9 0.8 32 1.09 0.33 13.97\n Inferred 4% 4.89 8.5 0.5 31 0.42 0.09 4.82\n Total 4% 18.61 8.1 0.7 32 1.51 0.42 18.79\n\n\n FinOre 2006 M...